TRUSTEE STATUS OF RETENTION MONIES

boliviahonorableΔιαχείριση

18 Νοε 2013 (πριν από 3 χρόνια και 11 μήνες)

102 εμφανίσεις





- 1 -

NOTE:
THIS DIRECTIVE IS APPLICABLE TO THE MAJORITY OF SCHEMES BUT IT WILL NOT NECESSARILY
BE APPROPRIATE TO ALL WORKS AND THEREFORE ON EACH SCHEME IT WILL BE NECESSARY
TO CHECK THE SPECIFIC REQUIREMENTS.

W.S.C.C. BUILDING CONTRACT DIRECTIVE BCD.22

CAPITAL & ASSET MANAGEMENT DATE: November 2010

Copyright Reserved





REFERENCE

TRUSTEE STATUS OF RETENTION MONIES



1.
JCT 2005 Standard Building Contract With or Without Quantities and
Design and Build Contract

Councils using the JCT 2005 Standard Building Contract With or Without
Quantities and Design and Build Contract are, by virtue of clauses 4.13.2 &
4.18.1(SBC) and clauses 4.10.2 & 4.16.1(DB) trustees for contractors in respect
of retention monies.

The County Council wish to avoid being placed in a position where the need to
set up separate accounts for retention funds on contracts is a requirement.
Therefore incorporate the relevant amendment set out in the attached Appendix
A on all future contracts entered into with the County Council under the above
contracts.


2.
Intermediate Building Contract and Minor Works Building Contract
including with Contractor’s Design versions.

No amendment is required on contracts entered into with the County Council
under the Intermediate Building Contracts and the Minor Building Works
Contracts, where the retention fund is not given trustee status.



CONCLUSION
(Appendix A follows)



APPENDIX ‘A’
to BCD.22
- 2 -

A20 THE CONTRACT
JCT 2005 STANDARD BUILDING CONTRACT
WITH/WITHOUT QUANTITIES

(Note: In the preliminaries and general conditions section of
the Bills of Quantities or Schedules of Work list of contract
conditions, the following words are to be included under the
reference to Section 4.)

THE CONDITIONS:

Section 4 Payment

Interim Certificates – payment

Clause 4.13. will incorporate the following
amendments:-

Clause 4.13.2

Delete: “Notwithstanding the fiduciary interest of the
Employer in the Retention as stated in clause 4.18.1
the….”
Insert: “The”.

Clause 4.18.1

Delete: Text of clause.

A20 THE CONTRACT
JCT 2005 DESIGN AND BUILD CONTRACT
(Note: In the preliminaries and general conditions section of
the Employers Requirements, the following words are to be
included under the reference to Section 4.)

THE CONDITIONS:

Section 4 Payment

Interim Payments

Clause 4.10 will incorporate the following amendments:-

Clause 4.10.2

Delete: “Notwithstanding the fiduciary interest of the
Employer in the Retention as stated in clause 4.16.1
the….”

Insert: “The”.

Rules on treatment of Retention

Clause 4.16.1

Delete: Text of clause.


To collection

£